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What is National Electronic Fund Transfer (NEFT)?

April 26, 2017electronic fund National neft transfer

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What is National Electronic Fund Transfer (NEFT)?

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10 Posted

The system is nationwide funds transfer (Indian rupees only) system from any bank branch to any other bank branch on a concept of centralised account system and bank’s account, that are sending or receiving the funds transfer instructions, gets operated at one centre viz, Mumbai only. NEFT is the fastest option available for frequent inter-city fund transfer. It is safe. Contact your branch for more information or visit the RBI website at www.rbi.org.in for detailed information.